March 10, 2013 |
Gardner Denver Inc., an industrial equipment maker with a small headquarters office in Wayne, agreed to be purchased by private-equity firm KKR & Co. for about $3.7 billion after KKR raised an earlier offer. KKR, run by Henry Kravis and George Roberts, will pay $76 a share for Gardner Denver, the companies said Friday in a statement. That's a 39 percent premium to the price on Oct. 24, the day before the company announced it was exploring a sale. KKR last month offered $75 a share, Bloomberg News reported Feb. 21. "The long-term future of Gardner Denver is bright," Pete Stavros, head of KKR's industrials team, said in the statement.
January 16, 2013 |
Dell Inc., the personal-computer maker that lost almost a third of its value last year, is in buyout talks with private-equity firms, two people with knowledge of the matter said. Dell, based in Round Rock, Texas, is discussing going private with at least two firms, said one of the people, who declined to be identified because the talks are private. The discussions are preliminary and could fall apart because the firms may not be able to line up the needed financing or resolve how to exit the investment in the future, the people said.
December 5, 2012 |
TIANJIN, China - Three years ago, Gary Biehn, a partner with White & Williams in Philadelphia, wanted to expand his law firm's reach to this port city in northern China, an economic powerhouse that gets special attention from the country's central planners. The firm already had a business tie to a law firm in Shanghai and saw benefits to connecting with Chinese lawyers here. Biehn reached out to the International Visitors Council of Philadelphia, and a string of calls and connections that played out over the last year culminated in a business agreement signed here Monday under the eye of Mayor Nutter and his Tianjin counterpart, Huang Xingguo.
October 18, 2012
By Farah Stockman Last week, my friend Andy, a hedge-fund guru, sent me a memo titled "Three Steps to Fiscal Solvency. " It was based on the premise that if America were a company, it would be in pretty bad shape. We spend far more than we take in. Our liabilities are mounting. Our assets are pretty much flat. Andy got rich thinking outside the box. So I wasn't entirely surprised to see his list of things that Republican presidential candidate Mitt Romney - who made his fortune in private equity - might do to improve America's bottom line.
October 17, 2012 |
As boss of a big, publicly traded industrial business, Peter McCausland , executive board chairman and former CEO of Radnor-based Airgas Inc. , has fought off buyout funds and other "private equity" investors trying to make money at his company's expense. He says it is awfully unfair that federal law lets those high-living fund managers pocket their multimillion-dollar fees, subject only to a 15 percent capital-gains tax, instead of the higher income and payroll taxes that Airgas's 14,000-plus employees - managers to truck drivers - have to pay. Early this year, McCausland, a Republican, sent letters decrying unfair, uneven federal taxes to his U.S. senators - Democrat Robert P. Casey and Republican Pat Toomey - among others in Congress.
September 26, 2012 |
Don't look now, but the Burlington Coat Factory retail chain is closing in on opening its 500th store. As of the end of its second quarter, on July 28, the Burlington, N.J.-based company had 482 stores. Last Friday, it opened a 92,000-square-foot flagship location on Union Square in Manhattan - its sixth store in New York. On a conference call with financial analysts last week, executives said the company will open 22 new stores by the end of the year. Not bad for a Bain Capital -owned property, eh?
July 11, 2012 |
Democrats love to bash the private-equity firm Bain Capital and its former chief executive, Mitt Romney, as evil "vulture capitalists" bent on destroying America's middle class and shipping jobs overseas. From the din of the attack ads and the relentless recitation of talking points on cable news in this presidential election year, you might think the party of JFK and FDR had a serious problem with private-equity firms, which specialize in leveraged buyouts of ailing companies.
July 7, 2012 |
Ownership of another Philadelphia-area refinery is about to change. NuStar Energy L.P. said it would sell 50 percent of its asphalt operations, which include refineries in Paulsboro, N.J., and Savannah, Ga., to a joint venture in a transaction expected to be completed by Sept. 30. Lindsay Goldberg L.L.C., a New York private-equity firm with $10 billion under management, will pay $175 million for a 50 percent interest in the joint venture, with San Antonio-based NuStar holding the other 50 percent stake.
June 24, 2012 |
Meatballs in sweet tomato sauce. With pickles? And vinegar peppers? That's what Republican presidential hopeful Mitt Romney ordered, in a Shorti hoagie, at a Bucks County Wawa last weekend, as my colleague Tom Fitzgerald reported. Whatever that particular mix of sweet and sour is supposed to be, it's not Philly food. My mother-in-law, Eileen Schach, who grew up feeding a farm household and whose sister became one of the most feared caterers on Pittsburgh's North Side, assures me the German Pennsylvanians she grew up with don't pile those things together on their serving boards, either.